Turkey's recently resigned economy minister Kemal Dervis has joined the People's Republican Party (CHP), in a move that paves his way into politics. The ex-minister is seeking to form a social-democratic pro-Western alliance ahead of the upcoming general elections on November 3.

Deniz Baykal's left-wing party, the CHP, is considered a significant rival to the popular conservative Justice and Development Party (AKP), led by Tayyip Erdogan. Before making his final decision on joining the CHP, the ex-minister considered aligning with the New Turkey Party (YTP), party of former Foreign Minister Ismail Cem.

In early March 2001, Dervis was appointed state minister by Prime Minister Bulent Ecevit, after crisis erupted in the banking sector, propelling the Turkish economy into its worst recession since 1945. The country lost $7.6 billion in one day, while spiraling inflation caused the local Lira currency to lose some 50 percent against the dollar.

After only 17 months in office, Dervis has resigned from his post as economy minister in Turkey's crumbling three-way coalition government. — (menareport.com)